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Pound rises on Brexit 'progress' report

Pound rises on Brexit 'progress' report

Business
The pound has gained strongly against both the dollar and the euro following reports that the UK and Germany have made progress towards a Brexit deal.Sterling rose nearly 1% against the US currency and 0.5% against the euro after the reports on Bloomberg News.However, the pound later gave up some of its gains after London and Berlin both denied there had been any change.The agency said the German government was ready to accept a less detailed agreement on future UK-EU trade ties.The UK and Germany both denied any movement, while analysts warned the EU's stance was not decided by Berlin."Germany does not - despite its clear dominance of the bloc economically - actually speak for the EU position," said Neil Wilson, chief market analyst at Markets.com, "[Chi...